The Arab Bank's net profits in the first half of the current year rose by 10 percent compared to 1999 results despite the recession that has hit the country, an Arab Bank statement said on Saturday.

The statement, which was made available to the Jordan Times showed that the Bank's net profits in the first six months of this year amounted to JD75.4 million compared to JD68.5 million in the same period of the previous year.

The statement said that the increase resulted from the Bank's endeavor to improve its “resources” and control its expenses.

The Arab Bank, the Kingdom largest financial institution, has recorded a decline in its share prices, which reflected negatively on the Amman Stock Exchange's General Price Index.

The Bank's half-year results could improve its share price, which recorded a historic level.

The statement showed that the Bank's revenues this year jumped to JD190 million compared to JD175.7 million in the first half of 1999.

It added that the Bank's total budget amounted to JD17.8 billion compared to JD16.4 billion in the previous year.

Client deposits amounted to JD9.5 billion, an increase of JD1.2 billion from 1999 the statement said.

The Bank's liquidity rose to 48.6 percent compared to 46.3 percent in the same period of 1999.